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Multi-Family Loans

We offer a variety of loans for apartments with five units or more. Whether it’s a small property or a large complex with several hundred units Mid-Island Mortgage has the ability to place the loan with the rates and terms that best fit the borrowers’ needs.

  • Permanent Loans — Fully amortized 30-year loans on Adjustable Rate Programs. Loans can be tied to a variety of different indexes, such as the Federal Home Loan Bank, Prime Rate, Treasury Bills and Libor rates. Fixed Rate Loans with terms of 3, 5, 7, 10 or 15 years with 30-year amortizations.
  • Bridge Loans— Short term loans for turnaround situations. Interest reserves can be built into the loan until the property reaches stabilization.
  • Conversion Loans — Converting an old office or industrial building into loft apartments, Mid-Island Mortgage can provide assistance in providing the rehab money and the permanent money for these projects.

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Multi-Family Loan Details
Lending Area:  Nationwide
Loan Amounts:  Small Balance:
$250,000.00 minimum
Large Balance:
$2 million minimum
Max LTV:  80% loan to value
DSCR:  1.20X debt service coverage ratio
Amortization:  20-25-30 years
Initial Fixed Period:  3,5,7,10 years fixed
Credit Scores:  Average FICO score of 660 or above. Lower credit scores will be considered with corresponding rate adjustments
Origination Fee:  Mid-Island Mortgage does not charge Origination Fees
Interest Only:  Available for short terms only
Apartment
Renovations:
Available


 
     
Equal Housing Opportunity

Get started today! Contact Stephen Riley, Mid-Island Commercial Director at 781-722-1704

about Mid-Island Mortgage Corp | Multi-Family Loans | Mixed-Use Loans | SBA Loans | Bridge Loans

Mid-Island Mortgage Corp. | 900 Merchants Concourse | Westbury | New York | 11590

Licensed Mortgage Banker-NYS Department of Financial Services; MA Licensed Mortgage Lender/Broker #MC1259; Licensed by the NH Banking Department; RI Licensed Lender/Broker; Licensed by the NJ Department of Banking and Insurance; FL Mortgage Lender/Servicer; Virginia State Corporation Commission #MC-4685; ME Supervised Licensed Lender; Licensed by the PA Department of Banking and Securities; CT, DE, MD & MN Licensed Mortgage Lender; SCBOFI Mortgage Lender/Servicer; Illinois Residential Mortgage Licensee; Licensed with the North Carolina Commissioner of Banks; ND Money Broker; SD Licensed Lender; DC Mortgage Dual Authority Licensee;

(www.nmlsconsumeraccess.org)

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Mid-Island Mortgage Corp. NMLS# 1259

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